AOL Time Warner Inc., the world"s largest media company, Wednesday posted a fourth-quarter net loss after taking a $45.5 billion noncash charge for the decline in the value of its embattled America Online business and other assets.
AOL reported a fourth-quarter net loss of $44.9 billion, or $10.04 a share, after taking the non-cash charge to write down the value of its embattled America Online business and other assets, compared to a year-ago loss of $1.8 billion, or 41 cents a share. The company, which in the first quarter had reported a net loss of $54 billion after writing down the value of assets, posted a full-year 2002 net loss of $98.7 billion.
The full-year loss exceeded the gross domestic product of Egypt in 2001.Strength in the company"s film/entertainment business, with hits like the "Lord of the Rings" sequel, and cable networks offset weakness in the fourth quarter at America Online, which has been suffering from a sharp slowdown in advertising spending and subscriber growth. The quarter capped a tumultuous year.